From the Guardian · · 2m
Australia's 40-year outlook ignores climate costs, experts warn
The government's intergenerational report to 2066 underestimates economic damage from the climate crisis, academics say.
In brief
The government's intergenerational report to 2066 underestimates economic damage from the climate crisis, academics say. Australia's seventh intergenerational report projecting to 2066 has been criticised by experts for underplaying the economic and social damage expected from the worsening climate crisis. Originally…
Government report downplays climate damage
Australia's seventh intergenerational report, projecting out to 2066, has been criticised for underplaying the economic and social damage expected from the worsening climate crisis.
Report acknowledges some climate risks
The report finds sea level rise will most affect coastal and low-lying areas, while hotter temperatures could reduce worker productivity, damage agricultural yields and harm tourism. It warns increasingly frequent natural disasters pose significant economic risk.
Academic calls report negligent on climate
Associate Professor Ben Neville of Melbourne Climate Futures says the report is negligent in ignoring the economic damage the changing climate already is and will increasingly bring in the next forty years.
“it is negligent in ignoring the economic damage that the changing climate already is and will increasingly bring in the next 40 years”
Treasury models show disorderly transition cost
The report mentions Treasury modelling finding that a disorderly approach to the net zero transition results in a cumulative two trillion dollar hit to the economy by twenty fifty. Neville says geopolitics show we are clearly on this disorderly pathway.
Water scarcity overlooked, expert warns
Sarah Wheeler, professor of water economics at Flinders University, says the report overlooks water scarcity issues. Higher water variability will mean increased probability of damaging flooding and severe droughts, affecting Australian productivity and wellbeing.
“One of the largest impacts [of climate change] will be on water security issues, with higher water variability meaning increased probability of more damaging flooding and severe droughts”
Report does highlight renewable energy gains
Professor Frank Jotzo of the Australian National University says the report correctly points out economic advantages from transitioning to renewable energy and future clean energy-based export industries like green iron and green ammonia.
Reserve Bank governor flags energy transition challenge
Reserve Bank governor Michele Bullock said at a Sydney event on Tuesday that governments must contend with potential climate impacts and the investments needed to lean into the energy transition alongside other priorities like artificial intelligence.
The short version
Australia's seventh intergenerational report projecting to 2066 has been criticised by experts for underplaying the economic and social damage expected from the worsening climate crisis.
